Red Rock Resources plc West African Gold Licences - Update (8266U)

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RNS Number : 8266U

Red Rock Resources plc

28 November 2023

Red Rock Resources Plc

("Red Rock" or the "Company")

West African Gold Licenses - Update

28 November 2023

Red Rock Resources Plc, the natural resource exploration and Development Company with interests in gold, copper, cobalt, lithium and other minerals, announces an update to the announcements of 16(th) June 2023, 8(th) March 2023 and 18(th) October 2021 in relation to the Company's operations in Côte d'Ivoire.

Key points:

   --    Decree issued granting second licence to Red Rock subsidiary LacGold Resources SARLU 
   --    Initial licence term of 4 years 
   --    Licence covers 380.94 sq Km in the departments of Yamoussoukro and others 

-- One of four Red Rock applications totalling 1,404.86 sq km in an area south of the capital, Yamoussoukro

   --    Granted licences now total 725.44 sq km of prospective gold ground 
   --    Three more applications licenses in the north of the country about 1,122.88 sq km 
   --    Each application is located on a known regional shear zone where gold mines are operating 
   --    Each application has significant artisanal mining occurring within and around it 

Red Rock Chairman Andrew Bell comments : "With the grant of a second licence yesterday we now have critical mass in our licence application areas in the gold province centred around Yamoussoukro.

We regard the granted licences, and those still in process of grant, as being licences with good gold potential. We have already received an expression of interest from a company wishing to discuss co-operation or a transaction, and expect further interest.

The Government expects expenditure averaging some $280,000 p.a. over a four year period. We have already incurred some $65,000 of costs, and expect to carry out a modest first year programme focussed on examining opportunities for an early move into production. Should opportunities arise for accelerating development or increasing the scale of operations, a variety of funding options are under consideration.."

Further Information on granted projects in Côte d'Ivoire. This information can all be found in previous announcements, and is set out here for convenience. Previous announcements also include information on licences still under application.

FIGURE ONE

Map: application locations and the main gold deposits in Côte d'Ivoire.

The information below has been previously released. Further information on Yamoussoukro following a detailed review and visit will be assembled and released shortly.

The Yamoussoukro project is located 245 Km North of Abidjan, covering an area of 380.94 km2. The project is roughly 10 kms Northwest of Yamoussoukro and parallel to the Bandama river's Kossou Lake. The project is 12 kms Northeast of the Yaouré gold mine and on the same Northeast trending shear zone. The Yaouré gold deposit is hosted by Palaeoproterozoic basaltic rocks with intrusions of granodiorite and lesser feldspar, quartz-feldspar and hornblende porphyry dykes.

All the three main groups of Northwest structures delineated in the Yaoure gold mine crosscut the Yamoussoukro project.

The Yaouré project area lies within the Eastern half of the informally named Bouaflé Greenstone Belt in central Côte d'Ivoire. The belt is a NNE-trending assemblage of Palaeoproterozoic volcanic, sedimentary and intrusive rocks of the Birimian Supergroup. Rock types in the Yaouré district are, for the most part, mafic volcanic rocks with minor chert, turbiditic metasedimentary rocks and a fluvio-deltaic formation. The flysch-like turbiditic metasediments consist of sandstone to argillite with graphitic and conglomerate horizons. The fluvio-deltaic formation consists of sandstone, conglomerate, and argillite. The volcano-sedimentary rocks were intruded by tonalite-trondhjemite-granodiorite (TTG) type plutonic rocks and undifferentiated granitoids. Mafic to ultramafic complexes are also found in the Yaouré district.

Two gold occurrences and one alluvial gold occurrence are located on the concession.

The Djekanou-Taabo project, located 148 Km North from Abidjan. The project is 21 km Northeast of the Agbaou Gold mine and 20 km East of the Bonikro, Dougbafla and Hiré gold mines. The Bonikro-Hiré projects sit on the Southern part of the Oumé-Fetékro Granite Greenstone Belts. The Djekanou-Taabo project is located between the Fetekro Greenstone Belt and the North-South Dimbokro faults.

Intrusive host rocks at Hiré and Bonikro gold mines have been dated at 2180+/- 6Ma and +/- 4Ma (U-Pb on Zircon), respectively. These plutonic bodies acted as favourable sites for fluid flow due to their brittle rheological characteristics.

The base formations of gneiss and volcano-sedimentary rocks were intruded by tonalite-trondhjemite-granodiorite (TTG) type plutonic rocks and undifferentiated granitoids. The Bonikro and Hiré gold mines are a part of this granodiorite with NE shear zones similar to the local NE shear zones seen at the Djekanou-Taabo project. The project covers an area of 345 sq Km.

Regional soil sampling (on a 800m x100m grid) carried out in 2005 by a previous company, showed regional geochemical anomalies with:

   --          1Km long up to 12 parts per billion surface gold ("ppb"); 
   --          1.2Km long up to 12 ppb surface gold; 
   --          Peak values returned of 1236 ppb. 

3.5 kms to the North of the project, an area has been defined as a small-scale mining zone where intensive illegal and semi-industrial gold mines are targeting quartz veins hosted in diorite and granodiorite with a general strike of North-South.

GLOSSARY

Glossary

   Diorite:             a coarse grained intrusive igneous rock, the product of slow cooling. 

Flysch: a sequence of sedimentary rock layers that progress from deep-water and turbidity flow deposits to shallow-water shales and sandstones.

   Gneiss:             metamorphosed granite. 
   Hornblende:    a group name for aluminous ultramafic rocks of generally dark appearance 

Granodiorite: a coarse-grained intrusive igneous rock intermediate between diorite and granite.

   Mafic:              magnesium or iron-rich igneous rocks containing some silicates. 

Paleoproterozoic: the period 2.5-1.6 Ga, the first Era of the Proterozoic Eon; period where the continents began to stabilise.

   Rheology:        the science of the deformation of matter. 

Tonalite-trondhjemite-granodiorite rocks or TTG rocks: intrusive rocks with typical granitic composition (quartz and feldspar) but containing only a small portion of potassium feldspar.

Turbidite: sedimentary rock composed of layered particles that grade upward from coarser to finer sizes and so are thought to have originated from ocean currents.

   Ultramafic:       metamorphosed mantle rocks with very low silica content. 

This technical information in this announcement has been compiled by the Company's consultant in Côte d'Ivoire, M. Koffi Gbamele, a Member of the E-SGA and an Associate of the Australasian Institute of Mining and Metallurgy (AusIMM). M Gbamele is a member of a recognised professional organisation and has sufficient relevant experience to qualify as a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies published by AIM.

For further information, please contact:

Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc

   Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396           NOMAD Beaumont Cornish Limited 

Jason Robertson 0207 374 2212 Broker First Equity Limited

Bob Roberts 0203 8696081 Joint Broker Clear Capital Corporate Broking

This announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU, which is part of domestic UK law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310) and is disclosed in accordance with the Company's obligations under Article 17.

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November 28, 2023 02:00 ET (07:00 GMT)